Ripple’s XRP Buy Volume Leaps Over 200% Post-SEC Victory — Is $3.20 XRP Price Coming? ⋆ ZyCrypto
The post Ripple’s XRP Buy Volume Leaps Over 200% Post-SEC Victory — Is $3.20 XRP Price Coming? ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     In a notable development, XRP’s buy volume has surged by more than 235% in the past 24 hours. During the same period, XRP’s price saw a significant rise, climbing by over 18% to $0.64 by late Wednesday. Santiment analysts also reported a 23% increase in the XRP market cap, with wallets holding 1 million to 10 million XRP now holding a record 7.06 billion coins, valued at $4.42 billion. According to the firm, social media discussions about XRP also surged to their highest levels since January, reflecting heightened investor interest. This surge in XRP’s activity follows a landmark judgment by Judge Analisa Torres on Wednesday, who rejected the U.S. Securities and Exchange Commission’s (SEC) claims that Ripple had acted recklessly and refuted allegations of fraud or intentional misconduct. The judge also dismissed the SEC’s demand for a $2 billion fine, imposing a $125 million penalty instead related to specific historical sales to sophisticated investors. This resolution marks the end of a highly publicized lawsuit that had cast a long shadow over Ripple and its native cryptocurrency for around seven years. That said, the last ruling has ignited speculation about XRP’s future trajectory. Analysts are closely watching for a potential breakout, with some predicting that XRP might reach or exceed its 2017 all-time high of $3.20 soon or even surpass it. Advertisement   “Technical analysis indicates that the current consolidation phase may be nearing its end,” tweeted analyst “Dr. Profit.” He noted that the XRP price is testing crucial resistance levels inside the 6.5-year-long symmetric triangle pattern, and breaking through these barriers could set the stage for a significant upward movement, suggesting a potential price target of $16, based on historical patterns and Fibonacci levels. Similarly, analyst Amony supported “Dr. Profit’s” view, predicting that XRP could surge to…
Filed under: News - @ August 11, 2024 1:14 am